Reddit Removes the Bitcoin Payment Option for Its Premium Membership

Social media website Reddit has suspended the option of Bitcoin Payments for its gold membership program – RedditGold. The removal of the payments option was noticed on last Friday when several users started to comment on the /r/BTC subreddit where they spotted that the only available payment option was either through credit cards or through PayPal.

Reddit had integrated the Bitcoin payment option in partnership with Coinbase back in February 2013. Using the Coinbase Merchant Tool, Reddit was able to allow Bitcoin Payments on its platform in order to upgrade to its premium membership plan.

On the very next day, this news of withdrawal was confirmed by Reddit admin “emoney04” who said that the decision to withdraw was made after Coinbase decided to discontinue their Merchant Tool product in favour of the Coinbase Commerce.

The admin said: “The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option.”

Coinbase Commerce is a new service launched by the crypto exchange which allows “merchants to accept multiple cryptocurrencies directly into a user-controlled wallet.” However, the admin said that they are not sure whether they will bring back the Bitcoin payment option following the launch of Coinbase Commerce Service.

The admin said: “We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to re-enable.”

Hardik is a passionate web developer and designer writing about fintech, cryptocurrencies, and financial industries. He worked as a digital marketer with the number of cryptocurrency and financial projects.